1989 - WAEC Accounting Past Questions and Answers - page 5
41
Use the following information to answer the given question:
Issued capital.................100,000
Ordinary shares................40,000
Preference shares..............30,000
Reserves.......................10,000
Debentures.....................60,000
Current........................150,000
Fixed assets...................90,000
Current assets.................240,000
What is the total of the loan capital of the business?
Issued capital.................100,000
Ordinary shares................40,000
Preference shares..............30,000
Reserves.......................10,000
Debentures.....................60,000
Current........................150,000
Fixed assets...................90,000
Current assets.................240,000
What is the total of the loan capital of the business?
A
N10,000
B
N30,000
C
N40,000
D
N60,000
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42
Use the following information to answer the given question:
Issued capital.................100,000
Ordinary shares................40,000
Preference shares..............30,000
Reserves.......................10,000
Debentures.....................60,000
Current........................150,000
Fixed assets...................90,000
Current assets.................240,000
What is the working capital?
Issued capital.................100,000
Ordinary shares................40,000
Preference shares..............30,000
Reserves.......................10,000
Debentures.....................60,000
Current........................150,000
Fixed assets...................90,000
Current assets.................240,000
What is the working capital?
A
N90.00
B
N5.00
C
N40.00
D
N30.00
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43
Use the following information to answer the given question:
Issued capital.................100,000
Ordinary shares................40,000
Preference shares..............30,000
Reserves.......................10,000
Debentures.....................60,000
Current........................150,000
Fixed assets...................90,000
Current assets.................240,000
What is the percentage of equity to the total capital employed?
Issued capital.................100,000
Ordinary shares................40,000
Preference shares..............30,000
Reserves.......................10,000
Debentures.....................60,000
Current........................150,000
Fixed assets...................90,000
Current assets.................240,000
What is the percentage of equity to the total capital employed?
A
42%
B
12%
C
56%
D
59%
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44
Use the following information to answer the given question
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the total of raw materials consumed?
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the total of raw materials consumed?
A
N144,000
B
N144,000
C
N70,000
D
N62,000
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45
Use the following information to answer the given question
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the prime cost?
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the prime cost?
A
N62,000
B
N70,000
C
N78,000
D
N102,000
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46
Use the following information to answer the given question
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the factory cost of production?
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the factory cost of production?
A
N144,000
B
N102,000
C
N78,000
D
N102,000
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47
Use the following information to answer the given question
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the cost finished goods purchased?
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the cost finished goods purchased?
A
N60,000
B
N50,000
C
N140,000
D
N30,000
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48
Use the following information to answer the given question
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the net sales for the period?
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the net sales for the period?
A
N175,000
B
N170,000
C
N165,00
D
N132,000
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49
Use the following information to answer the given question
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the average stock of finished goods?
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the average stock of finished goods?
A
N8,000
B
n9,000
C
N10,000
D
N11,000
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50
Use the following information to answer the given question
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the gross profit?
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the gross profit?
A
N33,000
B
N28,800
C
N28,500
D
N26,400
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